Las Vegas Real Estate Agent, Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog

Many Las Vegas home or condominium buyers like to search for properties on their own and then will contact a Realtor when they see something that they like and ask for more info. This WAS a pretty good way to find properties in the 20^th Century, but it is currently the 21^st Century and outdated procedures will not work any longer.

The problem is that REO agents have learned from Las Vegas real estate auctions and put an unrealistic asking price on their listing in order to attract buyers or buyer’s agent’s attention in order to get multiple offers. They know well that offers are based on COMPS and not asking price, buyer’s agents know this too, but buyers who look themselves don’t know this.

This problem is magnified with short sales;

Banks don’t negotiate with short sale agents unless they have an offer in hand. So short sale agents sometimes put an unrealistic price on their listings in order to get the required offer. I have heard of cases that the owner’s cousin has made an offer on his/her cousin’s property so the agent can open the negotiation process. This is all good, except that after the receipt of the offer, short sale agents start negotiation with the lender and it takes time to reach an uncertain conclusion. In order to do a short sale, the owner has to prove hardship and the bank has to agree to the short sale.

The buyer needs to know this, or they can make tens of offers on ridiculously priced properties and get none, while wasting valuable time in an appreciating market which we have at the moment in Las Vegas.

Short Sales, Foreclosures and regular listings at the Signature at MGM Grand

A good example is short sale condominiums in the Signature at MGM Grand.

The Signature at MGM Grand listings=117

• Short Sale listings at the Signature at MGM Grand listings=64, sold in September=6, Price range=$175,000-$250,000
• Foreclosures or bank owned listings at The Signature at MGM Grand listings=14, sold in September=3, Price range= $125,000-$290,000
• Regular sale listings at the Signature at MGM Grand listings=40, sold in September=3, Price range= $170,000-$415,000

Now, when a perspective buyer contacts me in order to buy a short sale listing at MGM Grand priced at $100,000, what do think I should tell them?

By the way, the rush that alerted interested buyers at The Signature at MGM Grand condos have started and perspective buyers should raise their offer by 25% or more from a couple of months ago. Las Vegas high rise condo market has come to life.

Even a first grader can decipher what is selling at MGM Grand at it is foreclosures, they control pricing at MGM Grand.

Now multiply what I wrote about MGM Grand by a hundred and expand it to all homes or condo listings and you can see that doing something so basic as searching real estate data bases on your own could be misleading.

Masoud and Karen Saberzadeh, (702)-478-7800